The World’s Most Expensive Bags

 How much would you pay for a handbag? As one-of-a-kind, decadent designs are drawing record numbers at auctions around the world, Vogue speaks to London’s Christies, to find out why this fashion category is becoming a lucrative collectors playground.

We’re used to hearing about the history-making sales of sprawling art collections that once belonged to American banking dynasties and French couturiers, within the hallowed walls of Christie's auction house. It’s the place to go if you’re part of the one per cent that has a cool £342 million to spare on a Leonardo da Vinci or are looking to stock up on the finest bottles of Romanée-Conti. But in London this week it was handbags going under the hammer. Not just any old handbags, though; some of the rarest, most luxurious, most decadent – and most expensive – designs to have ever been made.

The Handbags and Accessories sale broke the European record for a bag sold at auction. A 2010 Hermès, matte Himalaya Niloticus crocodile Birkin 35 with 18k white gold and diamond hardware, went for an eye-watering £236,750, exceeding the estimate by over 60 per cent. It’s the third sale of its kind in just over a year from the auction house, which achieved notable success with the previous two in terms of customer growth (31 per cent new buyers: 30 per cent from Asia, 30 per cent from the US and 30 per cent from Europe).

Other notable lots from this week’s auction include an extremely rare aluminium Explorer Trunk by Louis Vuitton dating back to 1892, when the production of aluminium was so complex it was deemed more expensive than gold (£162,500). And a 2017 custom made Hermès Quelle Idole – a style released in 2000 to celebrate the millennium – which sold for a cool £68,750.

According to Rachel Koffsky, who heads up the London department of Christie’s International Handbags and Accessories, the market has changed dramatically in the past 10 years. “Out of the recession, we’ve seen women looking at their handbags as an asset and not just a frivolous accessory,” she observes. “We’re seeing this female collector emerge. They’re starting to look at these pieces in the same way that perhaps men were traditionally looking at watch collections. There’s an awareness in terms of what a collectible handbag means and the value of these pieces on the primary and secondary market.” Bags, Koffsky adds, is one of the only women-centric collection categories, even in jewellery men still make up the majority of bidders.

Collecting frenzy has also grown in line with the popularity of Instagram, fan accounts, street style, YouTube closet tours and the re-issue of certain archive designs – such as the Gucci monogram by Alessandro Michele and the Dior saddle bag by Maria Grazia Chiuri.

The presence brands have in the handbag and accessories arena can be linked to specific designers; after all the longevity of a creative directorship at a fashion house is often determined by the success of these moneymakers. Louis Vuitton’s foray into creating collectible show bags is relatively recent – when Marc Jacobs took the helm of the 19th century trunk makers two decades ago. The designer famously instigated collaborations with artists such as Takashi Murakami, Yayoi Kusama and Richard Prince and his legacy can still be felt. (Last year Louis Vuitton launched its second Masters collection in collaboration with Jeff Koons.)

Iconic and obvious It bags aside, a piece could be worth more, or less, than its original retail price depending on what exactly it is.

While there is a standard equation to help determine a bag’s potential worth, there aren’t any hard fast rules. The rarity is absolutely an important factor, as is the condition (graded from one, for new, through to six, for damaged). Then there’s the model, age, materials, label, size (there’s been a significant trend for small bags at auction lately) and, more subjectively speaking, how keen a bidder you have in the room on the day. “For a collector who’s been looking for this [said] bag for 10 years, they’ll pay any amount for it,” says Koffsky. The room usually ranges from the first-time buyer, who will walk away wearing the piece she just bought, to the seasoned top buyer, who will treat it like art displayed in specially curated gallery-esque closets.

“There’s a life cycle to a bag when it comes to limited editions,” says Koffsky. Expect a huge premium on the market to begin with, then give it a year to 18 months and it may experience a dip before it comes back. It might be a celebrity or important influencer that creates the renewed interest. Season to season, the market is prone to fluctuate.

And these rare bags are the ultimate anti-fast fashion buy – long-lasting heirloom pieces with a pretty much guaranteed resale value. Koffsky predicts that if you spend £2000 on a piece you can be confident to get that back at resale. The recent news that Chanel will no longer use exotic skins or fur in its designs will surely only serve to increase the value of certain vintage pieces, too.

Handbags are also a very personal thing. They hold our secrets, they tell a story. For example, the tiny horseshoe motif you’ll find inside an Hermès bag means it was custom-made for the buyer at the time, making it even more collectible. It’s because of these special equestrian insignias and heritage, coupled with almost unparalleled quality, that an Hermès has the highest return of any bag in the world.

Source: vogue.co.uk

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